JPMB vs. PCY
JPMB (JPMorgan USD Emerging Markets Sovereign Bond ETF) and PCY (Invesco Emerging Markets Sovereign Debt ETF) are both Emerging Markets Bonds funds - JPMB tracks the J.P. Morgan Emerging Markets Risk-Aware Bond Index while PCY tracks the DB Emerging Market USD Liquid Balanced Index. Both are passively managed. Over the past 5 years, JPMB returned 1.42%/yr vs 1.42%/yr for PCY. Their correlation of 0.88 suggests significant overlap in exposure. JPMB charges 0.39%/yr vs 0.50%/yr for PCY.
Performance
JPMB vs. PCY - Performance Comparison
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Returns By Period
In the year-to-date period, JPMB achieves a 1.95% return, which is significantly lower than PCY's 2.69% return.
JPMB
- 1D
- -0.11%
- 1M
- 1.76%
- YTD
- 1.95%
- 6M
- 1.93%
- 1Y
- 10.60%
- 3Y*
- 7.78%
- 5Y*
- 1.42%
- 10Y*
- —
PCY
- 1D
- -0.18%
- 1M
- 2.37%
- YTD
- 2.69%
- 6M
- 2.60%
- 1Y
- 14.05%
- 3Y*
- 10.76%
- 5Y*
- 1.42%
- 10Y*
- 2.74%
JPMB vs. PCY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 1.95% | 13.73% | 1.46% | 9.48% | -16.05% | -2.26% | 5.36% | 17.71% | -4.74% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 2.69% | 16.31% | 2.55% | 18.48% | -24.47% | -4.30% | 2.29% | 17.66% | -5.22% |
Correlation
The correlation between JPMB and PCY is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.94 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2018 | 0.88 |
The correlation between JPMB and PCY has been stable across timeframes, ranging from 0.88 to 0.96 - a consistent structural relationship.
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Return for Risk
JPMB vs. PCY — Risk / Return Rank
JPMB
PCY
JPMB vs. PCY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) and Invesco Emerging Markets Sovereign Debt ETF (PCY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| JPMB | PCY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.19 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.34 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.31 | 2.39 | -0.08 |
| Martin ratioReturn relative to average drawdown | 9.81 | 9.67 | +0.14 |
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Drawdowns
JPMB vs. PCY - Drawdown Comparison
The maximum JPMB drawdown since its inception was -26.33%, smaller than the maximum PCY drawdown of -49.13%. Use the drawdown chart below to compare losses from any high point for JPMB and PCY.
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Drawdown Indicators
| JPMB | PCY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -26.33% | -49.13% | +22.80% |
Max Drawdown (1Y)Largest decline over 1 year | -4.61% | -5.91% | +1.30% |
Max Drawdown (3Y)Largest decline over 3 years | -7.53% | -11.52% | +3.99% |
Max Drawdown (5Y)Largest decline over 5 years | -26.16% | -37.17% | +11.01% |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.78% | — |
Current DrawdownCurrent decline from peak | -0.53% | -0.67% | +0.14% |
Average DrawdownAverage peak-to-trough decline | -7.02% | -6.95% | -0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.08% | 1.46% | -0.38% |
Volatility
JPMB vs. PCY - Volatility Comparison
The current volatility for JPMorgan USD Emerging Markets Sovereign Bond ETF (JPMB) is 1.79%, while Invesco Emerging Markets Sovereign Debt ETF (PCY) has a volatility of 2.20%. This indicates that JPMB experiences smaller price fluctuations and is considered to be less risky than PCY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JPMB | PCY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 2.20% | -0.41% |
Volatility (6M)Calculated over the trailing 6-month period | 4.53% | 5.98% | -1.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.43% | 7.52% | -2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.94% | 13.18% | -4.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.63% | 12.95% | -3.32% |
JPMB vs. PCY - Expense Ratio Comparison
JPMB has a 0.39% expense ratio, which is lower than PCY's 0.50% expense ratio.
Dividends
JPMB vs. PCY - Dividend Comparison
JPMB's dividend yield for the trailing twelve months is around 5.78%, less than PCY's 5.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
JPMB JPMorgan USD Emerging Markets Sovereign Bond ETF | 5.78% | 6.71% | 6.32% | 5.99% | 4.94% | 4.29% | 4.29% | 4.51% | 4.58% | 0.00% | 0.00% | 0.00% |
PCY Invesco Emerging Markets Sovereign Debt ETF | 5.84% | 5.93% | 6.65% | 6.48% | 6.81% | 4.80% | 4.45% | 4.78% | 4.93% | 4.80% | 5.19% | 5.46% |
Frequently Asked Questions
With a correlation of 0.96, JPMB and PCY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PCY has higher volatility (2.20%) compared to JPMB (1.79%). In terms of maximum drawdown, JPMB dropped -26.33% vs PCY's -49.13%.
On 5-year performance, PCY leads with 1.42% vs 1.42% for JPMB. On fees, JPMB is cheaper at 0.39% per year. On volatility, JPMB has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, PCY has performed better with a 1.42% return vs 1.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPMB is cheaper with a 0.39% expense ratio, compared with 0.50% for PCY.
PCY has the higher dividend yield at 5.84%, compared with 5.78% for JPMB.
JPMB tracks J.P. Morgan Emerging Markets Risk-Aware Bond Index, while PCY tracks DB Emerging Market USD Liquid Balanced Index. They also come from different issuers: JPMorgan and Invesco. Their fees differ too: 0.39% for JPMB and 0.50% for PCY.
JPMB currently has the higher Sharpe Ratio (1.96 vs 1.88), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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